In two separate announcements in the past week, two hedge funds announced launching private equity funds this year targeting Middle Eastern investors.

The Moscow-based Pharos Financial Group announced it will launch two private equity funds this year in joint venture with Dubai-based Miro, each of which is targeted to raise $350 million. One is an agriculture fund focused on Eastern Europe and Africa and other is a timber fund. It expects to raise more than 50% of the capital for its agriculture fund from the Middle East.

The London-based asset management firm Silk Invest announced it will launch a $150 million private equity fund to invest in South African food sector and expects to raise over one-third of its assets for the new fund from the Middle East.